Your Central Florida Bankruptcy Lawyer

What is Bankruptcy?

Bankruptcy is a legal process designed to help individuals or businesses who are unable to repay their debts. It provides a way for them to either eliminate their debts entirely or create a plan to repay them under the supervision of the court. The goal of bankruptcy is to offer relief to debtors burdened by financial obligations while ensuring fair treatment for creditors.

It’s important to remember that financial setbacks are a common part of life, and seeking help through bankruptcy doesn’t diminish your worth or define your overall success. What matters most is how you navigate and learn from your experiences to build a stronger financial foundation moving forward. Central Florida Bankruptcy attorney John Russo can help you every step of the way.

Are there different kinds of Bankruptcy?

Yes. In the United States, the two most common types of bankruptcy for individuals and businesses are Chapter 7 and Chapter 13.   

A Chapter 7 bankruptcy, also known as liquidation bankruptcy, is the most common form of bankruptcy in Brevard County. As the least expensive and fastest route to debt relief, Chapter 7 gives you a fresh start by releasing the debtor from all dischargeable debts.

A Chapter 13 bankruptcy, also known as reorganization bankruptcy, is a type of bankruptcy available to individuals with regular income who want to create a plan to repay all or part of their debts over a period of three to five years. Unlike Chapter 7 bankruptcy, which involves the liquidation of your assets to pay off debts, Chapter 13 allows you to keep your property and catch up on missed payments through a court-approved repayment plan.

Why Do People File For Bankruptcy?

People file for bankruptcy for various reasons, often due to financial challenges that make it impossible for them to meet their debt obligations. Simply put, people file for bankruptcy as a means of obtaining relief from overwhelming financial difficulties and obtaining a fresh start financially.

Is Bankruptcy the Right Choice for Me?

Deciding whether filing for bankruptcy is the right choice for you depends on your individual financial situation, goals, and circumstances. It’s essential to weigh the pros and cons carefully and consider alternative options before making a decision. 

Choosing to file for bankruptcy can create a framework for addressing your debts and allows you to move forward with a clean slate, free from overwhelming financial burdens.

How can John A. Russo, a Brevard County Bankruptcy Attorney, help me?

An experienced bankruptcy attorney can provide you with invaluable support and guidance throughout the bankruptcy process, helping you achieve the best possible outcome for your financial situation. Talking to John Russo, a Central Florida bankruptcy attorney, is crucial for several reasons:

1. Evaluation of Options: John Russo, a Brevard County bankruptcy attorney, can assess your financial situation and advise you on whether bankruptcy is the right option for your circumstances. He can explain the different types of bankruptcy, and help you understand the pros and cons of each

2. Protection from Creditors: Once you file for bankruptcy, an automatic stay goes into effect, which prohibits creditors from continuing collection efforts, such as lawsuits, wage garnishments, or harassing phone calls. John Russo, a Central Florida bankruptcy attorney, can help you understand how bankruptcy can provide immediate relief from creditor actions.

3. Debt Discharge: Bankruptcy can provide a fresh start by discharging or eliminating certain types of debt, such as credit card debt, medical bills, and personal loans. John Russo, a Central Florida bankruptcy attorney, can help you understand which debts can be discharged in bankruptcy and which debts are nondischargeable.

4. Asset Protection: Depending on the type of bankruptcy you file, you may be able to keep certain assets while still eliminating your debts. John Russo, a Brevard County bankruptcy attorney, can advise you on how to maximize exemptions to protect your property and assets.

5. Navigating the Process: Bankruptcy involves complex legal procedures and paperwork. An experienced Brevard County bankruptcy attorney can guide you through the bankruptcy process, ensure that all required documents are filed correctly and on time, and represent you in court hearings and meetings with creditors.

6. Avoiding Mistakes: Making mistakes during the bankruptcy process can have serious consequences, including delays, dismissal of your case, or loss of assets. An experienced Melbourne bankruptcy attorney can help you avoid common pitfalls and navigate the process smoothly.

7. Long-Term Financial Planning: A bankruptcy attorney can provide guidance on rebuilding your credit and making sound financial decisions after bankruptcy. They can help you develop a plan for managing your finances and rebuilding your creditworthiness over time.

Ultimately, filing for bankruptcy can provide relief from overwhelming debt and a fresh financial start for many individuals. However, it’s not the right choice for everyone and should be considered carefully after weighing all options and seeking professional advice from an experienced Brevard County Bankruptcy attorney. 

Disclaimer: The law firm contacted through this site is a debt relief agency and helps people and businesses of Florida file for bankruptcy under the U.S. Bankruptcy Code.